Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Apple may have become the worldâs first trillion-dollar company â but in Bitcoin terms, its performance is as flat as an iPhone 8.
Appleâs Valuation In âDebasedâ Fiat
Data uploaded to social media this week by BloombergTV host Joe Weisenthal suggests that, despite the technology giant making history in US dollars, the event says more about the dollar than it does Appleâs performance.
âCongrats to Apple on hitting a new high only when priced in the Fedâs debased (and probably obsolete) fiat currency,â he commented on Twitter after the news broke Thursday.  âMeanwhile, hereâs Apple priced in Bitcoin.â
A graph of Apple versus Bitcoin depicts a sharp fall as the cryptocurrencyâs prices began rising as early as 2010. Despite the companyâs fortunes increasing considerably since, when contrasted with Bitcoin, its success barely registers.
Think about it, if we're going to start giving out awards for companies hitting arbitrary numbers when priced in made up printed money, Apple's market cap is 167 quintillion bolivars. pic.twitter.com/f8FzPasS9i
â Joe Weisenthal (@TheStalwart) August 2, 2018
How About Five Quintillion Bolivars?
A Twitter storm soon ensued, with Weisenthal continuing that, based on the dollarâs genuine worth and issuance policies, any âmade up printed moneyâ could be used to judge Apple. Among these is the Venezuelan bolĂvar fuerte, which is suffering from notorious inflation and will soon see five zeros knocked off its exchange rate as part of a bid to stabilize it.
ââŠIf weâre going to start giving out awards for companies hitting arbitrary numbers when priced in made up printed money, Appleâs market cap is 167 quintillion bolivars,â Weisenthal added.
The episode gave other commentators pause for thought.
Despite the ongoing sense of frustration with Bitcoin prices, the cryptocurrency continues to prove its resilience to claims by economists and banking sector sources it has no value and will ultimately trend to zero.
In July, calculations from industry figures including Blockstream CEO Adam Back suggested that BTC/USD would need to trade around $223,000 in order to convert the entire worldâs M1 money supply to the cryptocurrency. Adding M2 and M3 supply to the equation, Bitcoin would need to cost considerably more, however â around $5 million per coin.Â
What do you think about Appleâs valuation in Bitcoin terms? Let us know in the comments below!Â
Images courtesy of Shutterstock, Twitter.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.